The NASD barred Louisiana broker John Steven Blount Monday from working at any NASD-registered firm for the rest of his life and ordered him to repay $1.5 million, plus interest, for more than $6 million worth of unsuitable annuity sales that brought him $220,000 in commissions.

Blount’s dishonest activities – targeted for the most part at unsuspecting older investors through early surrender charges, risky investments and other inappropriate choices – took place while he was a registered rep for NYLife Securities between 1998 and 2001. He also had support staff falsify records in order to cover his tracks, the NASD charged.

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